NEW YORK, Oct. 13, 2022 /PRNewswire/ -- Advancium Health Network, a public charity, dedicated to advancing healthcare services and health equity through philanthropic investment, announced today that it has received a charitable gift in the amount of $30M from the Maxine and Stuart Frankel Foundation, of Bloomfield Hills, Michigan. The Frankels will partner with Advancium to support and validate promising early-stage research. Advancium was launched by Deerfield Management and the Deerfield Foundation in February 2022 to advance research into life science technologies that address unmet medical needs affecting vulnerable populations including pediatrics.
"The high rate of industry drug development and medical technology failures is largely due to a lack of available funding for academic researchers, which often requires them to prematurely seek private funding before evidence of efficacy has been established," said Mark Veich, president of Advancium and executive director Deerfield Foundation. "We are grateful for the support of the Frankel Foundation which will allow us to take on a number of new research projects that target critical unmet needs and provide the infrastructure needed to properly validate and de-risk promising new concepts at the earliest stages of their development."
The $30M donation from Maxine and Stuart Frankel will be allocated across Advancium programs and initiatives housed at New York City healthcare innovation campus, Cure®, including:
- The development of a new scientific research laboratory to be called the Maxine and Stuart Frankel Laboratory. The Frankel Laboratory will be available to residents of Cure Innovation Labs, a life sciences innovation hub launched by Advancium in February 2022. Cure Innovation Labs provides specialized equipment and resources to support early-stage companies through research, development, regulatory and commercial milestones.
- Support of CobiCure, LLC, a not-for-profit launched by Advancium in June of 2022. CobiCure is focused on curing rare, life-threatening diseases in children, utilizing a venture philanthropy model to identify, develop and commercialize medical devices, therapies, and other technologies for pediatric patients.
- The advancement of up to eight experimental life science and medical research projects per year over 10 years.
"We are excited to be partnering with Advancium and Deerfield Management to fill a major gap that exists in the process of moving promising early-stage research into the clinic and ultimately to patients in need," said Maxine and Stuart Frankel. "The Frankel Foundation is proud to support and advocate for this meaningful work and to contribute to the important vision and mission being developed collectively at Advancium."
Advancium Health Network is an independent 501(c)(3) non-profit organization launched by Deerfield Management dedicated to advancing healthcare and health equity through a premier volunteer and philanthropic network of health industry, financial service, and public sector experts. Inaugural partners of the Advancium network include pediatric medical device company, CobiCure LLC and life sciences incubator, Cure Innovation Labs. For more information on Advancium Health Network, visit: https://advanciumhealth.org/
CobiCure is a not-for-profit pediatric catalyst focused on curing rare and life-threating diseases in children around the globe. CobiCure is a resident of the Cure, a premier healthcare innovation campus located in New York City. For more information on how CobiCure is driving change, visit: https://advanciumhealth.org/cobicure.html
SOURCE Advancium Health Network